Disability and Life Washington Test Questions and Answers

Disability and Life Washington Test Questions and Answers Insurance Commissioner - Answer️️ -Head of Office of Insurance Commissioner, is in charge of company supervision, consumer protection, and rates and forms. -Elected on a 4 year term -Pays 25k bond -Must examine records at least every 5 years Has Power to: -Issue rules to carryout or enforce the state insurance code -Hold investigations, -Hold examinations to see if anyone has broken the code. If commish has reason to believe someone has broken the code, they can: -Issue a cease and desist order -sue to stop the person from continuing the action -Do both ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 2 If Someone found guilty commish can: -Suspend, revoke, or refuse to issue a license: Must give 15 day warning and hearing can be asked for. If hearing happens, must give 10 day warning. -Impose a civil penalty If someone doesnt have a license they can pay up to a 25k fine per infraction Filing Rates and Forms - Answer️️ --Must be filed at least 30 days before use -If not rejected automatically approved after 30 days -Commish can extend approval period by 15 days -Premiums have to be approved too Penalties for breaking insurance code - Answer️️ --It is a misdemeanor -Fine of $10-$1000 must be paid 15 to 30 days after given -Imprisonment for up to 364 days -both -Any other appropriate penalty ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 3 An Insurer is: - Answer️️ --Insurance Company -Fraternal Benefit Society -Certified Health Plan -Health Maintanence Org. -Health Care Service contractor Not Insurance - Answer️️ --Travel or auto services (like AAA) -Private air ambulance -Travel emergency service "Insurance License" is called - Answer️️ --Certificate of Authority Insurance Gauranty Association - Answer️️ --Protects insureds for 500k for: Life, medical, disability, annuity -100k to gvt retirement benefit plan -Can not be advertised -Happens if insurer is not solvent Temporary License - Answer️️ --Can be granted for 180 days -To surviving spouse or court appointed beneficiary for purpose of sale of business -To member of business if owner dies ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 4 -To person who will take over business while employee is on active duty for military -To serve the public interest Nonresident Producer License - Answer️️ --Currently Licensed as a producer in their home state -Fulfilled application requirements and paid fees -The applicants home state will also grant nonresident licenses on the same basis Exceptions to those who need licenses: - Answer️️ --Officer, director, etc... of an insurance company who doesn't get commission -Someone who just enrolls individuals with plans without getting commission Persons Exempt from Taking Exam: - Answer️️ --Persons who seek a license only to transact limited lines (surety, limited line credit, and travel insurance) -Persons who seek a license only to transact -Specialty lines (communications equipment or services, rental car, or self-service storage) -Persons applying for an adjuster's license who, for at least one year before the application, have been fully employed by an insurer to adjust, investigate, or report insurance claims ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 5 -Persons applying for a nonresident adjuster's license who are licensed in another state and qualified for a similar license in Washington Appointing a producer - Answer️️ --Insurance company lets commish know w/in 15 days -Commish will get back in 15 days -Commish does have 30 days to determine if the applicant is not able to be approved, if so, they will let the company know in 10 days. -If company gets rid of producer, must let commish know in 30 days, and producer in 15 Refusal, Non-renewal, and revocation of license - Answer️️ --Must deliver order to licensee 15 days before it takes effect and give them the right to a hearing -Issuing an order after a hearing must take effect in 10 days and give the licensee the right to appeal to a higher cou